Wells Capital's Jim Paulsen writes that when inflation has been this low since World War II, the U.S. stock market's multiple has been higher than it currently is most of the time.

Since the U.S. stock market recently reached a new all-time record high, investors are understandably wondering "what now?" Is the stock market again at its peak for this cycle like it was the last two times it reached this level in early 2000 and again in late 2007?

After all, profit growth has clearly slowed and as we enter the earnings reporting season this week, most are mindful of the challenges companies face in the...